Question: Please solve the question if you are completely sure about the solution, otherwise I will downvote it. Thanks On January 1, 2022. a lessee entered

On January 1, 2022. a lessee entered into a seven year lease

Please solve the question if you are completely sure about the solution, otherwise I will downvote it. Thanks

On January 1, 2022. a lessee entered into a seven year lease agreement with a lessorto lease property. Annual lease payments of SSOO.OOO are due on January 1 each year, starting on January 1.2022. The property has an estimated useful life of IS years and their book value and fair market value is SS million. The interest rate is S". Requlred: 1. Prepare lessee's journal entries for J.nu.ry 1.2022 ond December 31.2022 2 Prepare lessor's journal entries for January 1.2022 ond December 31.2022 Please solve the question if you are completely sure about the solution, otherwise I will downvote it. Thanks.

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